Canada's main stock index rose on Monday, powered by gains in energy shares as oil prices jumped after U.S. President Donald Trump said China was ready to negotiate on the trade dispute.
The S&P/TSX Composite came off its highs of the morning, but was still positive 81.06 points to wind into noon hour ET at 16,118.64, after a drop of more than 1% on Friday.
The Canadian dollar strengthened 0.26 cents to 75.35 cents U.S.
The largest percentage gainers on the TSX were Encana, which jumped 14 cents, or 2.5%, to $5.64, and Bombardier which rose 2.5%.
Semafo gained a penny to $5.25, while CannTrust Holdings was down seven cents, or 2.8% to $2.41.
ON BAYSTREET
The TSX Venture Exchange’s gains were reduced to 1.02 points to 582.97
All but two of the 12 Toronto subgroups were higher midday, with energy and information technology stocks each gathering 1.2%, while consumer discretionary stocks gained 0.9%
The lone laggards were in communications, down 0.4%, and health-care, sagging 0.3%.
ON WALLSTREET
Stocks jumped on Monday after President Donald Trump said China is ready to come back to the negotiating table following a phone call Sunday.
The Dow Jones Industrial Average gained 183.07 points to 25,811.97.
The S&P 500 regrouped 18.17 points to 2,865.28
The NASDAQ gathered 62.64 points to 7,814.41.
Semiconductor stocks such as Micron took on 1.2%, and Advanced Micro Devices gained 3%. Boeing and Apple led the Dow, rising around 1% each.
Speaking to reporters at the Group of Seven (G-7) meeting in Biarritz in France Monday, Trump said the two countries would start talking very seriously.
The latest news on the U.S.-China trade front come after Trump said on Friday the U.S. will raise tariffs on $250 billion worth of Chinese goods to 30% from 25%. Tariffs on another $300 billion in Chinese products will also go up to 15% from 10%, he said. Stock futures initially fell overnight on Trump’s comments before rebounding.
Prices for the benchmark 10-year U.S. Treasury gained slightly, lowering yields to 1.52% from Friday’s 1.53%. Treasury prices and yields move in opposite directions
Oil prices garnered 11 cents to $54.28 U.S. a barrel.
Gold prices took on three dollars to $1,540.60 U.S. an ounce.
Trade Talks "Back to Table", Stocks Rise
